Norway · Delayed Price · Currency is NOK Subsea 7 Earnings Call Transcripts
Fiscal Year 2026
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Q1 saw strong revenue and margin growth, with adjusted EBITDA up 63% year-over-year and robust backlog supporting upgraded 2026 guidance. Strategic collaborations, high vessel utilization, and a solid order pipeline underpin confidence in continued performance.
Fiscal Year 2025
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Q4 and full-year results showed strong revenue and margin growth, with a record backlog and robust cash flow. 2026 guidance reaffirms stable margins and continued high asset utilization, supported by a strong tendering pipeline and disciplined capital allocation.
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Third-quarter results showed strong profitability and record backlog, with Adjusted EBITDA up 27% year-over-year and a margin of 22%. Guidance for 2025 and 2026 was raised, supported by high revenue visibility and robust tendering activity. Margin gains were driven by improved project mix and operational execution.
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Q2 2025 saw 23% year-on-year adjusted EBITDA growth and strong margin expansion, with over 90% of full-year revenue already visible from backlog. The merger with Saipem is progressing, and guidance for 2025 is reiterated, supported by robust project activity and high tendering levels.
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Q1 2025 saw strong revenue and EBITDA growth, with margins expanding due to project mix and one-offs. Backlog and revenue visibility remain high, guidance is unchanged, and both Subsea and Renewables segments delivered improved results. Robust tendering and a new BP alliance support a positive outlook.
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A merger of equals will create a global energy services leader with a complementary fleet, broad geographic reach, and €20 billion in revenue. The deal targets €300 million in annual synergies, a strong balance sheet, and enhanced client offerings, with completion expected in late 2026.
Fiscal Year 2024
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Q4 and full-year results showed strong revenue and margin growth, with adjusted EBITDA up 53% year-over-year and a robust $11.2 billion backlog. 2025 guidance anticipates continued margin expansion and high revenue visibility, supported by a strong tendering pipeline and stabilized renewables performance.
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Q3 saw strong revenue and EBITDA growth, with margins rising across both subsea and renewables. The company raised 2024 guidance, reaffirmed 2025–2026 outlook, and committed to significant shareholder returns, supported by a robust backlog and active tender pipeline.
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Q2 saw record order intake, a robust backlog, and an 80% year-over-year increase in adjusted EBITDA. Raised 2024 guidance reflects strong project execution and a healthy tendering pipeline, with continued focus on high-margin work and shareholder returns.
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Long-term strategy centers on oil and gas with expansion into renewables, hydrogen, and carbon capture, supported by digital innovation and strong alliances. Financial guidance targets EBITDA margins above 20% by 2026, with at least $1 billion in shareholder returns planned. Robust backlog, differentiated technology, and disciplined reinvestment underpin confidence in sustained growth.